Julio C. Tello Al Progreso Group
With her income she is able to cover the essential household expenses. She also feels good because working gives her emotional stability. In the future she would like to build a house, since she now lives in an adobe dwelling. She plans to use the loan to buy wicks, reeds, coal, sulphur and other items to continue her work. All of the members of the communal bank "Comunal Julio C. Tello al Progreso" are responsible in paying back the loans they have taken out several times. In the photograph the members are holding a meeting althouh Carmen Martiza could not attend because of work. They are all very grateful and committed to the Program.
About EDAPROSPOEDAPROSPO seeks to use micro-credit to foster productive commercial activity for the sake of economic and social development within vulnerable urban and rural sectors traditionally neglected by commercial banks. By offering innovative products such as technical education loans and microfinance groups for young people, EDAPROSPO helps disadvantaged Peruvians lift themselves out of poverty.
This is a Group Loan
In a group loan, each member of the group receives an individual loan but is part of a larger group of individuals. The group is there to provide support to the members and to provide a system of peer pressure, but groups may or may not be formally bound by a group guarantee. In cases where there is a group guarantee, members of the group are responsible for paying back the loans of their fellow group members in the case of delinquency or default.
Kiva's Field Partners typically feature one borrower from a group. The loan description, sector, and other attributes for a group loan profile are determined by the featured borrower's loan. The other members of the group are not required to use their loans for the same purpose.
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Success!! The loan was 100% repaid